Derek Magill Gives Saifedean Ammous’ The Bitcoin Standard Book Scathing Review, Calls him Seinfeld
The Bitcoin Standard Review
Seinfeld Ammous is a professor of economics at Lebanese American University and the author of ‘The Bitcoin Standard’ which has aroused some negative responses. He believes that Bitcoin Core (BTC) is the only legit cryptocurrency and all other altcoin are mere scams or rather ‘shitcoins’ and are completely centralized.
He tweeted the following in response to another tweet that tagged him as one of the people opposed to competition from Bitcoin Cash (BCH):
“Bcash doesn't compete with Bitcoin on being hard money since the con artists behind it can edit at will, so the whole thing is retarded and pointless. Bcash competes with shitcoins on who can scam more gullible fools.”
The sad truth is that most of the book is not about Bitcoin, but rather about the history of money, gold, government monetary systems, time preference and other interesting topics that you can read about better detailed resources.
Only the last three chapters truly discuss Bitcoin. So my friendly advice is not to waste your precious time. The book is full of errors that clearly stand out.
The following are just two of the many errors in this book:
The already false conclusion is greatly contradicted by Introduction
“Bitcoin will go through hick-ups (hiccups). It may fail; but then it will be easily reinvented as we now know how it works.”.
Seinfeld Starts Off With An Introduction By Taleb That Clearly States:
This contradicts his conclusion that Bitcoin was “immaculately conceived” hence, no other coin could ever emulate it. The fact is that the only advantage Bitcoin Core has over other altcoins is that it got a head start. It was begun by one Satoshi Nakamoto and was highly centralized at first
A Book Full Of Fallacies
Seinfeld suggests that a change to the block size means a change to the fixed supply of Bitcoin down the road. The fact is nobody will suggest changing the fixed supply as it is universally accepted among people working on Bitcoin that the fixed supply is a core part of its value.